Snam operates with a business development model that pursues the company's profitable and stable growth, the creation of value for all stakeholders and an attractive and sustainable remuneration policy for shareholders
Snam has long believed that the integration of sustainability into business strategies is a key element for long-term vision and has therefore launched a process aimed at integrating processes
In 2013, Snam began a journey with the International Integrated Reporting Council (IIRC), an international board composed of leaders from the most diverse sectors of business and the world of academic research, whose mission is to facilitate the creation of a globally shared framework for integrated reporting practices.
In line with the path of strengthening the sustainability processes within core activities, Snam has therefore launched a path aimed at integrating the reporting processes, based on the assumption that "integrated reporting means integrated thinking". This in order to activate an organic and integrated presence with respect to the demands of the market, the authorities and the public opinion to receive a broader, transparent and responsible corporate information so that the stakeholders can have a more complete view of the risks of the opportunities and the challenges facing companies today.
The key concept of the IIRC reporting framework is the representation within the report of the business model, that is how the Company creates value over the medium and long term
In fact, Integrated Reporting represents a new approach to corporate reporting processes that shows the link between strategy, governance, financial performance and the social, environmental and economic context in which the company operates. Snam's objective is to give a key to interpreting information, in order to show the value created in the short and medium term, allowing investors to allocate productive and efficient resources. An increasingly effective reporting in this direction reinforces a culture that is increasingly focused on the long-term development of the business.
Snam has published its Integrated Report for the last five years in the Directors’ report in the Annual Report.
Snam's business model
The Non-financial statement
On 25th of may 2017 entered into force the legislative decree n. 254 of 30 December 2016 of Implementation of the European Parliament Directive 2014/95 / EU regarding the disclosure of non-financial information and information on diversity by certain companies and certain large groups. The provision provides for the obligation to present an individual declaration of a non-financial nature for companies in the public interest that have had, during the financial year, a number of employees above 500 and, at the closing date of the financial statements, exceeded at least one of the following two dimensional limits: a) balance sheet total: 20,000,000 euros; b) total revenues from sales and services: € 40,000,000.
In relation to the content that companies are required to communicate, the Decree fully transposes the Directive 2014/95 / EU which provides that the non-financial statement should cover environmental, social, personnel-related issues, respect for human rights, the fight against active and passive corruption, which are considered relevant taking into account the activities and characteristics of the company.
Snam has chosen to publish the Non-financial statement in the Annual Report as a separate chapter of the Directors’ report, also referring to other chapters of the same.
04 August 2020 - 20:46 CEST